Development Credit Bank Plot Loan

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Development Credit Bank  Plot Loan Features

The Interest Rate 10.24%
Time Period Up to 20 years
Loan to Value Up to 70% – 90%
Processing Fees Up to 2% of the loan amount

Eligibility criteria for Development Credit Bank  Plot Loan

  • Only Salaried and Self-employed individuals are eligible.
  • The age of the applicants must between 21 – 70 years.
  • Must have proper documents.

Benefits of Development Credit Bank  Plot Loan

development credit bank plot loan

 
  • Maximum loan rate of up to 70% – 90%
  • Easy and quick approval
  • Competitive interest rate
  • There are no hidden charges
  • Attractive insurance plan

Plot Loan

Banks such as Development Credit Bank offer plot loans to both salaried and self-employed people, people who want to purchase a piece of land can take plot loans.

1. Tenure

The tenure for the Development bank plot loan can go as high as 20 years.

2. Prepayment Fine

A prepayment fee is not taken from individual applicants but co-applicants can attract a prepayment fee, for more details contact the bank.

3. Loan to Value Ratio‭ (‬LTV‭)‬

Depending upon the documents presented LTV can go as high as 90%

4. Tax Benefits

Development Credit Bank plot loan does not offer any tax benefits.

Types of Development Credit Bank  Plot Loan

Development Credit Bank  Plot loan

If the borrower needs money to purchase a plot which they can’t afford themselves in that case this loan can be used.

Development Credit Bank  Plot with Construction Loan

If the borrower plans to construct a home after purchasing a plot then this loan can be taken. But if failed to complete construction within the date specified by the bank, extra charges may get imposed on the interest rate.

Development Credit Bank  plot loans for self-employed

Type of plot loans self-employed

TruFixed plot Loan – 2 Year Fixed Rate Vary
In TruFixed plot Loan by Development Credit Bank, 2 years of fixed-rate will be availed but after the period it is converted to a variable-rate.

Adjustable-rate loan
In this loan by Development Credit Bank, the EMI increases every 6 months because the interest rates change every 6 months.

Development Credit Bank Plot Loan Interest Rates For self-employed Non – Professionals

Development Credit Bank  Adjustable Home Plot Loan

Loan Plot Loan Interest Rate (%)
women (up to 30 lakh) 7.05 to 7.55
others (up to 30 lakh) 7.10 to 7.60
women (above 30 lakh) 7.30 to 7.80
others (above 30 lakh) 7.35 to 7.85
Women (75.01 Lakhs & Above) 7.40 to 7.90
Others (75.01 Lakhs & Above) 7.45 to 7.95

Development Credit Bank  TruFixed Loan – 2 Year Fixed Rate Variant

Loan Plot Loan Interest Rate (%)
Women (upto 30 Lakhs) 7.50 to 8
Others (upto 30 Lakhs) 7.55 to 8.05
Women (Above 30 Lakhs) 7.65 to 8.15
Others (Above 30 Lakhs) 7.70 to 8.20
Women (75.01 Lakhs & Above) 7.75 to 8.25
Others (75.01 Lakhs & Above) 7.80 to 8.30

Development Credit Bank Plot Loan Interest Rates For self-employed professionals

Development Credit Bank  Adjustable Rate Plot Loan

Loan Plot Loan Interest Rates (%)
Women (upto 30 Lakhs) 7.20 to 7.70
Others (upto 30 Lakhs) 7.25 to 7.75
Women (Above 30 Lakhs) 7.45 to 7.95
Others (Above 30 Lakhs) 7.50 to 8
Women ( 75.01 Lakhs & Above) 7.55 to 8.05

Development Credit Bank  TruFixed Loan – 2 Year Fixed Rate Variant

Loan Plot Loan Interest Rates (%)
For Women (up to 30 Lakhs) 7.65 to 8.15
For Others (up to 30 Lakhs) 7.70 to 8.20
For Women (Above 30 Lakhs) 7.80 to 8.30
For Others (Above 30 Lakhs) 7.85 to 8.35
For Women ( 75.01 Lakhs & Above) 7.90 to 8.40
For Others ( 75.01 Lakhs & Above) 7.95 to 8.45

Development Credit Bank Plot Loan documents required for both self-employed Professionals and Non-Professionals

Requirements For Self Employed Individuals
Proof of Identity PAN Card, Passport
Proof of address Aadhar Card, Electricity/ Mobile Bill
Financial proof – ITR
– Business details, P/L statement from the business.
Other Documents – All the plot documents

Development Credit Bank Plot loan fees and charges for self-employed

Processing fee

The charge can go as high as Rs 2500 depending upon the plot document.

Prepayment charges

Adjustable-Rate Home Loans
– No prepayment needed

– The customer will be required to submit documents that Development Credit Bank deems appropriate and appropriate to verify the source of the loan at the time of the payment.
Fixed-Rate Home Loans
– No advance payment is required for any partial/full payment made by your sources i.e, other banks or financial institutions
– The customer must submit documents that City Union Bank Bank deems appropriate and appropriate to determine the source of funding.
Fixed and Variable Rate Loans
During the period of Fixed-Rate:
– The client must submit documents approved by Development Credit Bank to verify the source of the money during the repayment of the loan in advance.

During the Variable Rate:
– No prepayment will apply.
– The prepaid amount shown will apply on the date of the loan agreement.

The Conversion Fees

Name of the Service Name of the charge/fee levied When payable Frequency Amount
Switch to a lower rate in Variable Rate Loans Conversion fees On conversion On every spread change A cap of up to 50% of the original outstanding and the stipulated amount at the time of conversion or whichever is lower is Rs. 50,000,000 tax.
Switching to Variable Rate Loan from Fixed Rate Loan Conversion fees On conversion Once A cap of up to 50% of the original outstanding and the stipulated amount at the time of conversion or whichever is lower is Rs. 50,000,000 tax.
Switching from Trufixed Fixed Rate to Variable Rate Loan Conversion fees On conversion Once 1.75% original arrears and tax in excess of the undisputed amount at the time of conversion.
Switch to Lower Rate Conversion fees On conversion On every spread change Half of the spread difference on principal dues and unspecified amount plus taxes with a minimum fee of 0.5% and a maximum fee of 1.550%.
Switch to Lower Rate Conversion fees On conversion On every spread change 0.5% of tax in excess of the original outstanding and undisputed amount at the time of conversion.

Cheque dishonor charges

Will be Rs 200.

Fees on Account of External opinion

Depending on the type of support provided, advocates and charges may be paid directly to the person concerned

Property insurance

The customer should remain active throughout loan term during by paying the premium.

Statutory/regulatory charges

Stamp duty, mod or moe to be paid by borrower respectively.

List of documents

Will be Rs.500

Photocopy of documents

Will be Rs.500

Increase/decrease in loan term

Will be Rs.500

Disbursement Cheque cancellation charge post disbursement

Will be Rs.200

Re-appraisal of loan

Will be Rs.2000

PDC swap

Will be Rs.200

Development Credit Bank plot loans for salaried individuals

Who can apply Development Credit Bank plot loans for salaried individuals?

Loan Maximum Amount(in %)
Up to Rs.30 lakh up to 80%
Rs.30.01 lakh to Rs.75 lakh up to 80%
Over Rs.75 lakh up to 75%

Type of plot loans for salaried individuals

TruFixed plot Loan – 2 Year Fixed Rate Vary
In TruFixed plot Loan by Development Credit Bank, 2 years of fixed-rate will be availed but after the period it is converted to a variable-rate.

Adjustable-rate loan
In this loan by Development Credit Bank, the EMI increases every 6 months because the interest rates change every 6 months.

Development Credit Bank plot loan interest rates for salaried individuals

Adjustable Home Rate Loan

Loan Loan Interest Rates (in %)
Women (Upto 30 Lakhs) 7.05 to 7.55
Others (Upto 30 Lakhs) 7.10 to 7.60
Women (Above 30 Lakhs) 7.30 to 7.80
Others (Above 30 Lakhs) 7.35 to 7.85
Women (75.01 Lakhs & Above) 7.40 to 7.90
Others (75.01 Lakhs & Above) 7.45 to 7.95

TruFixed Loan – 2 Year Fixed Rate Variant

Loan Loan Interest Rates (%)
For Women (upto 30 Lakhs) 7.50 to 8
For Others (upto 30 Lakhs) 7.55 to 8.05
For Women (Above 30 Lakhs) 7.65 to 8.15
For Others (Above 30 Lakhs) 7.70 to 8.20
For Women (75.01 Lakhs & Above) 7.75 to 8.25
For Others (75.01 Lakhs & Above) 7.80 to 8.30

Development Credit Bank plot loan documents required for salaried individuals

Requirements For Salaried Individuals
Proof of Identity PAN Card, Passport
Proof of address Aadhar Card, Electricity/ Mobile Bill
Financial proof – Must have last 6-month salary slips
– Credit score
Other Documents – All the plot documents

Development Credit Bank plot loan fees and charges for salaried individuals

Processing fees

The charge can go as high as Rs 2500 depending upon the plot document.

Prepayment charges

Adjustable-Rate Home Loans
– No prepayment needed

– The customer will be required to submit documents that Development Credit Bank deems appropriate and appropriate to verify the source of the loan at the time of the payment.
Fixed-Rate Home Loans
– No advance payment is required for any partial/full payment made by your sources i.e, other banks or financial institutions
– The customer must submit documents that Development Credit Bank deems appropriate and appropriate to determine the source of funding.
Fixed and Variable Rate Loans
During the period of Fixed-Rate:
– The client must submit documents approved by Development Credit Bank to verify the source of the money during the repayment of the loan in advance.

During the Variable Rate:
– No prepayment will apply.
– The prepaid amount shown will apply on the date of the loan agreement.

Conversion fees

Name of the Service The charge levied When payable Frequency Amount (in Rs.)
Switch to lower rate in Variable Rate Loans Conversion fees On conversion On every spread change A cap of up to 50% of the original outstanding and the stipulated amount
Switching to Variable Rate Loan from Fixed Rate Loan Conversion fees On conversion Once A cap of up to 50% of the original outstanding and the stipulated amount
Switching from Trufixed Rate to Variable Rate Loan Conversion fees On conversion Once 1.75% original arrears and tax
Switching to Lower Rate Conversion fees On conversion On every spread change A min. fee of 0.5% and a max. fee of 1.550%.
Switching to Lower Rate Conversion fees On conversion On every spread change 0.5% of taxes

Cheque dishonor charges

Will be Rs 200.

Fees on Account of External opinion

Depending on the type of support provided, advocates and charges may be paid directly to the person concerned

Property insurance

The customer should remain active throughout loan term during by paying the premium.

Statutory/regulatory charges

Stamp duty, mod or moe to be paid by borrower respectively.

List of documents

Will be Rs.500

Photocopy of documents

Will be Rs.500

Increase/decrease in loan term

Will be Rs.500

Disbursement Cheque cancellation charge post disbursement

Will be Rs.200

Re-appraisal of loan

Will be Rs.2000

PDC swap

Will be Rs.200

How to apply for Development Credit Bank  Plot Loan With DialAbank

  • Development Credit Bank Plot Loan can now be directly applied from Dialabank easily.
  • Just follow these simple steps i.e. visit the Dialabank Development Plot Loan page and fill the required form.
  • Submit your details, that’s it!
  • We’ll get back to you after you have submitted the form for further process.

Additional tips to get Development Credit Bank  Plot Loan Easily

  • Make sure you have a good credit score as many times this can be a make or break point for plot loans.
  • Fill the form with your genuine details.
  • Contact the bank whenever facing any issue.

Development Credit Bank  Plot loan with Construction vs Home Loan

Parameters Plot Loan with Construction Regular Home Loan
Tenure ‬Up to 15‭ ‬years Up to 30 years
Prepayment fine Free Free
Loan to Value (LTV) up to 10.24% up to ‬90%‭
Plot with Construction Loan interest rates The rates are similar to a home loan but can go higher. Start at 6.80%*
Tax Benefits Eligible after the construction of a building or home on the plot Home loan owners are eligible.

FAQ’s

 What is the Plot loan interest rate in the Development Credit Bank?

The Development Credit Bank plot loan starts at 10.24%.

 What is a Development Credit Bank Plot Loan?

Banks such as Development Credit Bank offer plot loans to both salaried and self-employed people, people who want to purchase a piece of land can take plot loans.

 How much processing fee is applicable to the Development Credit Bank Plot loan?

Development Credit Bank charges up to 2% of the loan amount.

 What is the loan tenure of the Development Credit Bank Plot loan?

The Development Credit Bank plot loan tenure be up to 20 years.

 How much EMI per Lakh can be fixed on Development Credit Bank Plot Loan?

The Development Credit Bank plot loan EMI per Lakh is ₹ 981.

 How can I avail plot loan from Development Credit Bank?

You can avail Development Credit Bank plot loan after passing the eligibility criteria of the bank.

 How to Apply for a Development Credit Bank Plot loan?

Please visit the website of Development bank to understand the application process or you can just call Dialabank at 9878981166.

 How to repay the Development Credit Bank plot loan earlier than the schedule?

Visit the Development Credit Bank website and check if you are eligible for the earlier payment.

 Is it possible to repay my loan earlier than the schedule?

Yes, you can repay your loan earlier than the schedule for the Development Credit Bank plot loan.

 How to check Development Credit Bank + Plot Loan eligibility?

Please check the eligibility requirements mentioned on the Dialabank website or the website of the Development Credit Bank.

 What is the Development Credit Bank Plot loan phone number?

For a Development Credit Bank Plot loan, you only have to call – 9878981166.

 What is the Development Credit Bank plot loan interest rate for women?

For women, the Development Credit Bank plot loan interest rate starts from 7.05% – 8.35%. 

 What is the Development Credit Bank plot loan interest rates for salaried individuals?

Development Credit Bank plot loan interest rate for Salaried Individuals – 7.10% – 8.35%.

 What is the Development Credit Bank plot loan interest rates for self-employed individuals?

 Development Credit Bank plot loan interest rate for Self-Employed – 7.10% – 8.35%.

 What is Development Credit Bank plot loan interest rates for self-employed non-professionals?

Development Credit Bank plot loan interest rate for Self-Employed Non-Professionals – 7.10% – 8.35%.

 How is a plot loan different from a home loan?

Few differences:

  • Tax benefits for Development Credit Bank Home loan owners but no tax benefits for Development Credit Bank plot loan.
  • Usually, the LTV in Development Credit Bank plot loan is less i.e. up to 70% and Development Credit Bank home loans can be 90%.

 Can I take a plot loan along with a home loan?

No, multiple loans are not allowed for Development Credit Bank.

 What is the maximum amount that I can take as a loan?

The maximum loan amount is determined by the Development Credit Bank after checking your land documents.

 Can a plot loan finance an investment in any plot, anywhere?

Yes, a Development Credit Bank plot loan can be used to purchase land anywhere in India.

 What is a Balance Transfer on Plot Loan?

Balance Transfer for Development Credit Bank plot loan helps you lower your EMIs by transferring your remaining loan to other financial institutions to one that offers a lower interest rate.

 Do I get any tax benefits on a plot loan?

No.

 How many years can I keep the plot of land before starting construction?

For Development Credit Bank plot loan with Construction please check with the Development Credit Bank by calling Dialabank at 9878981166.

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